Coinmach Corp. announces consummation of new Senior Notes offering.NEW YORK--(BUSINESS WIRE)--Dec. 1, 1995--Coinmach Corporation announced today that it has consummated, pursuant to the terms of an Amended and Restated Offering Memorandum Offering Memorandum A legal document stating the objectives, risks, and terms of investment involved with a private placement. Notes: The private placement of hedge funds necessitates the issue of memorandums. and Solicitation Statement of Solon Solon, Athenian statesman Solon (sō`lən), c.639–c.559 B.C., Athenian statesman, lawgiver, and reformer. He was also a poet, and some of his patriotic verse in the Ionic dialect is extant. At some time (perhaps c.600 B.C. Automated Services Inc. ("Solon"), dated Nov. 15, 1995 (the "Amended and Restated Memorandum"), an offering (the "Exchange Offers") to holders of Solon's 12 3/4% Senior Notes due 2001 (the "Old Senior Notes") and 13 3/4% Senior Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before due 2002 (the "Old Subordinated Debentures" and, together with the Old Senior Notes, the "Old Notes") to exchange, for each $1,000 principal amount of Old Notes, $1,055 principal amount of 11 3/4% Senior Notes due 2005 of Coinmach Corp. (the "New Notes"), plus payment in cash of accrued and unpaid interest on the Old Notes to the exchange date. The Exchange Offers and consent solicitations expired at 12:00 Midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Nov. 29, 1995 (the "Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. "). Coinmach Corp. was advised by its Exchange Agent that, as of the Expiration Date, (i) $90,500,000 in aggregate principal amount of the Old Senior Notes were tendered in the Exchange Offers out of a total of $99,000,000 in aggregate principal amount issued and outstanding, and (ii) $30,000,000 in aggregate principal amount of the Old Subordinated Debentures were tendered for exchange out of a total of $30,000,000 in aggregate principal amount issued and outstanding. Concurrently with the Exchange Offers, (i) The Coinmach Corp. was merged with and into Solon, whereupon Solon changed its name to Coinmach Corp., (ii) Coinmach Corp. consummated an offering of an additional $50,840,000 of New Notes in a Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. private placement under the Securities Act of 1933, as amended (for an aggregate of $177,963,000 when combined with the Exchange Offers), and (iii) Coinmach Corp. entered into a new revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility of up to $35 million with Heller Financial Inc. The new notes have not been registered under the Securities Act of 1933, as amended, or any state securities laws and, unless so registered, may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of said act and applicable state securities laws. NOTE: 12 3/4% SR NOTES DUE 2001 - Cusip No.: 834273 AC 8 13 3/4% SR SUB DEB DUE 2002 - Cusip No.: 834273 AD 6 CONTACT: MacKenzie Partners Inc. Larry Dennedy, 212/929-5239 |
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